Official Notices
2 notices published
IRAS GST Refund Fraud Crackdown: Raids, Arrests & $1M Seizures Alert Businesses
IRAS conducted island-wide raids on over 20 locations, arresting one suspect and seizing luxury watches worth over $1 million in a major GST refund fraud operation. Businesses face heightened audits recovering $100M+ in 2025, with severe penalties for fraud including triple tax penalties and up to 7 years jail. Companies should prioritize GST compliance reviews and voluntary disclosures to mitigate risks.
IRASTaxGSTCompliance
IRAS Mandates GST InvoiceNow for All Businesses by April 2031
IRAS will require all GST-registered businesses to adopt InvoiceNow and submit invoice data directly from April 2028 to 2031, phased by annual supplies value. Transitional funding up to $5,000 and free solutions for SMEs ease onboarding. This boosts productivity, compliance, and cash flow but demands system upgrades.
IRASGSTComplianceSME